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The Certified 1831 Capped Bust Quarter with Large Letters, graded F12 by NGC, is a well-preserved example of one of the most significant design evolutions within early American quarter coinage. This piece belongs to the reduced-diameter “Small Size” Capped Bust Quarter subseries that was introduced in 1831, marking a major departure from the larger diameter quarters issued from 1815 to 1828. The 1831 issue, and indeed the entire subseries that followed, was struck using steam-powered presses, offering improved striking consistency and a more refined appearance. The “Large Letters” reverse variety of 1831 is particularly notable among type collectors and specialists. Although this example is graded Fine 12, it retains solid detail and strong character, with certified authenticity from NGC adding confidence for collectors of early U.S. silver coinage.
The obverse of the 1831 Capped Bust Quarter features the familiar image of Liberty facing left, her hair flowing from beneath a cloth cap inscribed with the word “LIBERTY.” Thirteen stars arch around the rim, seven on the left and six on the right, and the date “1831” appears beneath Liberty’s bust. In this F12 graded coin, considerable wear is evident on the high points, such as the hair curls and cap folds, but all major elements remain visible. Liberty’s outline is clear, and the stars, while softly rendered, are distinct. The coin’s surfaces are evenly worn and free of major damage, with the rim intact and a pleasingly even gray tone consistent with coins that circulated for a significant time before being carefully preserved.
The reverse presents an eagle with outstretched wings, a shield on its breast, and its talons grasping an olive branch and three arrows. Above the eagle is a scroll bearing the motto “E PLURIBUS UNUM,” and surrounding the central image is the legend “UNITED STATES OF AMERICA” and denomination “25 C.” This specific example features the “Large Letters” variety, where the font size of the reverse legend is more prominent and bolder than on its “Small Letters” counterpart. Even in F12 condition, the eagle’s shape, shield outline, and the major text elements are visible. Details such as feather tips and shield lines are faint, but the overall design remains easily recognizable, and the variety is distinguishable with appropriate attribution.
The 1831 quarter was the first issue of the newly reduced-size quarter, and it marked a dramatic shift in U.S. Mint production standards. In 1831, Mint Engraver William Kneass modified John Reich’s original Capped Bust design to fit the smaller planchet, creating a sharper and more efficient layout that allowed for improved strikes using the Mint’s upgraded steam-powered presses. The reduction in diameter from approximately 27 mm to 24.3 mm also aligned the quarter’s size more closely with other silver denominations. This mechanical advancement helped modernize American coinage, and the 1831 issue is often collected as a first-year type coin within this updated format.
Minted exclusively at the Philadelphia Mint, the 1831 Capped Bust Quarter had a total mintage of 398,000 coins, making it a moderate-mintage issue for the era. No mintmark appears on these coins, as branch mints had not yet begun operations. While not considered rare, the 1831 quarter is elusive in all grades due to heavy circulation and limited survival rates. Varieties for the year include differences in letter size and die alignment. The “Large Letters” variety is among the most popular, easily visible to those familiar with the series and an excellent teaching example for collectors learning early U.S. type identification. Certified pieces offer added reassurance for those seeking genuine examples amid a market that can include altered or heavily cleaned coins.
NGC’s Fine 12 grade designates a coin that has moderate even wear over all surfaces but retains clear outlines of major design elements. While intricate details such as inner curls or feather lines have mostly worn away, all critical features are present and identifiable. The coin’s edges remain strong, legends readable, and overall eye appeal is pleasing. For an issue that circulated in an age before coin collecting became common, a Fine grade is highly respectable and indicates the coin saw honest use before being retired and preserved. The encapsulation by NGC also protects the coin and confirms both its authenticity and its variety, making it a dependable acquisition for collectors of early U.S. silver.
The composition of the 1831 Capped Bust Quarter remains the standard for the period: 89.24% silver and 10.76% copper, with a diameter of 24.3 mm and a reeded edge. Each coin weighs approximately 6.7 grams. Though the quarter held significant purchasing power in 1831—able to buy a meal, several newspapers, or a day’s labor—the relatively small number of coins produced reflects the limited demand for quarters at the time. Much of early U.S. commerce relied on half dollars and foreign coins that were still legal tender in the United States well into the 1830s.
The Capped Bust design is an enduring symbol of early 19th-century American engraving, capturing classical influences in a uniquely American form. Liberty’s youthful but resolved profile and the heraldic eagle on the reverse reflect the country’s aspirations for stability and growth. The transition from the Large Size to the Small Size quarter and the introduction of the “Large Letters” variety represents the Mint’s push toward greater precision and modernization, hallmarks of Kneass’s tenure. These coins not only served as currency but also as symbols of the evolving identity of the early United States.
Collectors of early U.S. coinage appreciate examples like the 1831 Bust Quarter for their role in bridging foundational transitions in design and minting technique. The “Large Letters” variety adds an element of distinction, making it an excellent piece for those pursuing die varieties or assembling type sets. While higher-grade examples command strong premiums, Fine 12 certified coins provide a more accessible entry point without sacrificing historical interest or visual character. The coin’s worn surfaces tell a story of use and survival, and its certified holder ensures a level of confidence in both its grade and authenticity.
In conclusion, the Certified 1831 Capped Bust Quarter Large Letters variety graded F12 by NGC is a valuable and affordable representative of early American silver coinage. It carries with it the narrative of a nation’s minting evolution, the artistry of John Reich and William Kneass, and the everyday utility of silver coinage in antebellum America. As an early 19th-century quarter in a respectable circulated grade, it remains a rewarding and meaningful addition to any collection focused on classic U.S. coinage, historical series, or type coins that span the transformation of the nation’s monetary heritage.